Touch Ventures (ASX:TVL) has agreed to sell its investment in Braavos Corporation (Basiq) to Cuscal for a total consideration of approximately $14.2M , subject to certain escrow requirements, net debt and working capital adjustments.
Touch Ventures says it has increased the valuation of Basiq by 39.2%, resulting in an increase of 0.5 cents to 17.9 cents Net Tangible Assets per share (pre-tax) on a pro-forma basis as at 31 January 2023.
It also says the sale is expected to improve the company's cash position and is subject to customary conditions being waived or satisfied.
Touch Ventures' share price closed up more than 5% today.